A recent disclosure to Companies House in the UK has highlighted the benefits of having cyber insurance cover, according to cyber risk expert Christian Toon of Pinsent Masons. The Law Gazette recently reported that a company was able to recover the majority of costs attributed to a cyber incident in 2021 from its insurance provider, as shown in annual accounts filed by UKLS Acquisitions Limited. The cyber attack on Simplify in November 2021 resulted in exceptional costs of almost £7.3 million, but the company was able to successfully claim nearly £6.8m from its insurers. However, there is growing scrutiny of the cyber insurance market, with concerns that it may become unviable for many organisations. The Federation of European Risk Management Associations is seeking a more collaborative approach to cyber insurance to balance the risk appetite of the insurance market with the coverage requirements of corporate buyers.
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